Search Results: test UDAP/UDAAP

Online Fast Cash Lenders to Pay $9 Million to Settle Claims of Illegal Lending to North Carolina Consumers

On June 21, 2016, the North Carolina Attorney General announced that two online fast cash lenders have agreed to pay more than $9 million in refunds for allegedly illegal loans issued to North Carolina consumers.  The settlement stems from a December 2013 complaint alleging that the lenders violated North Carolina usury…

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California AG Files Mortgage-Backed Securities Suit Against Investment Bank

On April 1, 2016, the California Attorney General announced that it filed suit against a prominent investment bank for alleged “misrepresentations about complex investments such as residential mortgage-backed securities, in which large pools of home loans were packaged together and sold to investors.”  The eight-count complaint, which was filed in…

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CFPB Takes Action Against Companies for Unfair Billing of Credit Card Add-On Products and Services

The Consumer Financial Protection Bureau (“CFPB”) took action against two credit card vendors, entering into proposed consent orders regarding the companies’ offerings of allegedly unlawful add-on products.  Credit card companies offer consumers “add-on” services, such as credit monitoring or identity theft protection for a monthly or annual membership fee. Following an…

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State Attorneys General Announce Settlement with Credit Reporting Agencies

On May 20, 2015, Ohio Attorney General Mike DeWine, along with attorneys general of thirty other states (“the State AGs”), announced a $6,000,000 settlement with three major credit reporting agencies (“CRAs”). According to the announcement and the Settlement Agreement, the settlement is a culmination of a multistate investigation that the…

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CA Department of Business Oversight Sues Debt Repayment Service for Alleged Excessive Fees and Unlicensed Operations

On Friday, May 15, 2015, the California Department of Business Oversight (DBO) announced that it filed a complaint in state court against an Ohio-based biweekly debt repayment firm and allegedly associated entities (collectively “Defendants”) claiming certain violations of licensing, fee, and consumer protection provisions of California’s Financial Code and Business & Professions…

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New York AG Obtains Default Judgment Against Two Law Firms for Mortgage Rescue Scheme

On May 13, New York Attorney General Eric T. Schneiderman annouced that the AG obtained default judgment against Brooklyn and Florida Law Firms and the firms’ principal attorney for participating in a fraudulent mortgage rescue scheme. The AG’s petition alleged that, directly and through their third-party marketers, the firms collected…

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